Topic: Question: Would depositors fare better if Mt. Gox dismissed its bk filing? - page 2. (Read 5034 times)

Actually, the judge would have to decide. It could be part of an out-of-court settlement with creditors in which the company agrees to beef up its management, and Mark Karpeles "retires."

That would be pretty much 100:1 USD or 1:1 USP (US Penny).

That would be up for the creditors to decide I guess
Putting forth a proposal for dissolution
(The lawyer fees do pile up though lol)

Also for the record the Yen is pretty much 1:1 the USD right now
1 Japanese Yen equals
0.0095 US Dollar

Mt. Gox depositors are facing the prospect of a very long wait for the liquidation to be complete and the likelihood of only ever receiving pennies on the dollar (or worse, Japanese Yen) for their bitcoins. Perhaps everyone would be much better off if Mt. Gox management (or what's left of it) would simply ask the Tokyo judge to dismiss the bankruptcy. The trustee, attorney Nobuaki Kobayashi,  would likely be disinclined to support any such motion, because his task is to assemble non-exempt property and equity and liquidate same to repay creditors. Were the liquidation called off, then he would be out of a job.

It is admitted that Kobayashi is sitting on approximately 220,000 BTC worth in excess of $100,000,000. That should be enough to run any fractional reserve exchange if that's what its going to take. The benefit of dismissing the bankruptcy liquidation would be the immediate distribution of depositors' available bitcoins, and no more waiting. Whether the database is corrupt or not is really an internal Mt. Gox matter that could probably be sorted out by a clever programmer or two.

This action would take back the decision making from lawyers and accountants who seem completely unqualified to to deal with this situation, and who, apparently with little result, have been racking up huge fees that are potentially eating up Mt. Gox depositor's money.